Which country has the highest level of income inequality?
a. Brazil
b. Russia
c. China
d. India
a. Brazil
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When the price of a good falls, consumers buy more of the good because it is cheaper relative to competing goods. This statement describes the:
a. consumer equilibrium effect. b. price effect. c. income effect. d. substitution effect.
Suppose an economy is initially in equilibrium and there is a sudden increase in oil prices. Which of the following is the most likely result?
a. Growth in real GDP b. Price stability c. Full employment output d. Stagflation e. Deflation
The optimal amount of information to acquire before making a purchase is:
A. zero. B. as much as possible. C. the amount such that the marginal cost of acquiring information equals the marginal benefit. D. the amount such that the total cost of acquiring information equals the total benefit.
If P denotes the price of goods and services measured in terms of money, then
a. 1/P represents the value of money measured in terms of goods and services. b. P can be regarded as the "overall price level.". c. an increase in the value of money is associated with a decrease in P. d. All of the above are correct.